Bitcoin Halving: One Year On

One year after the 2024 halving, the post-cycle data is in — conventional wisdom got reset.

Hashrate tripled since the halving, not contracted. Miner economics stabilized at healthier-than-expected level. Public miners reporting all-in production costs $42-50K against price near $76K.

What the cycle did not do

It did not produce a 2017/2021-style retail mania. Inflows came largely through ETFs and corporate treasuries rather than retail wallet creation. Coinbase retail volumes below previous cycle peaks.

The CFL read: cycle is structurally different. Treat the historical halving playbook as priors, not predictions.